Aegon, a Netherlands-headquartered multinational life insurance, pensions and asset management company, has announced that its shareholders have approved a move to combine certain of its Dutch businesses with insurer a.s.r.
Shareholders voted to allow Aegon to combine its Dutch pension, life and non-life insurance, banking, and mortgage origination operations at a recent Extraordinary Meeting.
It followed an October announcement that Aegon had reached a deal with a.s.r. that aims to create a leading player in the Dutch market.
As part of the terms of this deal, Aegon is also expected to receive €2.5 billion in gross cash proceeds, and a 29.99% strategic stake in a.s.r., with associated governance rights.
Additionally, Aegon says the transaction will result in a €3.3 billion reduction in IFRS shareholders’ equity, the majority of which will be recognized in the fourth quarter of 2022.
However, the company assures that the reduction in IFRS shareholders’ equity will not impact Aegon’s solvency ratios or capacity to pay targeted dividends.
In addition to the shareholders’ approval obtained today, the closing of this transaction is subject to customary conditions, including regulatory and antitrust approvals.
